June 3, 2015

Follow the 8 steps below to increase the chances that your assets are protected. In a time when just one blow to your assets could wipe them out or severely set back your own retirement, it’s simply prudent to plan ahead and guard yourself against major risks. 

1. Select the appropriate business entity, like an LLC
2. Evaluate your corporate veil (if you have set up an entity, you need to be clear about recordkeeping and have those materials reviewed by a specialist at least once a year)
3. Keep track of all proper procedures and contracts (foregoing this could expose you to serious liabilities)
4. Keep business insurance at all times
5. Get an umbrella insurance policy, too, but read the fine print to determine what it will and won’t cover
6. Put some assets into a spouse’s name, if you can
7. Evaluate a possible homestead exemption: Exceptions related to your personal residence can be critically important when considering your assets as a whole.
8. Determine whether your state allows “tenancy by the entirety”. This means that you could have your personal residence titles in a particular way so that if one spouse is sued, the property can’t be attached by a lawsuit. To determine whether this applies, and what other options you have for asset protection, contact an experienced attorney today at info@lawesq.net.